Section 3 AAC 78.080 - Assumptions(a) A request for an assumption of a loan made under AS 45.88.010-45.88.090 and this chapter will be processed in the same manner as an application for a loan.(b) A loan committee may permit an assumption if the applicant meets residency requirements under AS 45.88.025 and 3 AAC 78.025, is a good financial risk, and the security of the state's investment is preserved.(c) Wraparound financing that includes a loan made under AS 45.88.010-45.88.090 and this chapter is prohibited, and constitutes a default on the loan.Eff. 9/11/85, Register 95; am 11/5/87, Register 104; am 9/7/2012, Register 203